On this page of StockholderLetter.com we present the latest annual shareholder letter from MANITOWOC CO INC — ticker symbol MTW. Reading current and past MTW letters to shareholders can bring important insights into the investment thesis.

 •  3/20/2026 Letter Continued (Full PDF)
 •  3/23/2023 MTW Stockholder Letter
 •  3/26/2024 MTW Stockholder Letter
 •  3/21/2025 MTW Stockholder Letter
 •  3/26/2025 MTW Stockholder Letter
 •  More "Industrial Machinery & Equipment" Category Stockholder Letters
 •  MTW Benford's Law Stock Score = 46

MTW Shareholder/Stockholder Letter Transcript:

ANNUAL
REPORT
2025

0arFh     
Dear Fellow Shareholders:
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SWraWeJ\ 
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    Innovation: :e FoQWLQXed Wo e[SaQd oXr SrodXFW SorWIolLo LQWo hLJher WoQQaJe FaWeJorLes wLWh Whe laXQFh oI oXr
larJesW oIIerLQJs Wo daWe LQ lX  QJ 7ower FraQes  %ooP WrXFNs  aQd $ll 7erraLQ FraQes 
    CRANES+50 Strategy: :e seW aQoWher reFord wLWh      PLllLoQ LQ QoQ Qew PaFhLQe sales  XS     \ear oYer \ear 
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oQ SroYLdLQJ a IXll sXLWe oI lLIWLQJ serYLFes  1oQ Qew PaFhLQe sales are less FaSLWal LQWeQsLYe  Pore Sro  WaEle  aQd
less F\FlLFal  2Xr loQJ WerP Joal Ls Wo JeQeraWe    ELllLoQ LQ QoQ Qew PaFhLQes sales  whLFh wLll IXQdaPeQWall\
PaNe 0aQLWowoF sWroQJer aQd Pore sWaEle 
2025 Financial Summary
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LQ QeW sales  XS      YersXs Whe SrLor \ear  :e aFhLeYed adMXsWed (%,7D$  oI      PLllLoQ  dowQ    PLllLoQ YersXs
Whe SrLor \ear  wLWh aQ adMXsWed (%,7D$ ParJLQ oI       dowQ    EasLs SoLQWs \ear oYer \ear  2Xr 52,& was     
Ior Whe \ear aQd oXr lLTXLdLW\ was a healWh\      PLllLoQ 
The Manitowoc Way
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PeaQLQJIXl dLIIereQFe  ,Q WhaW sSLrLW  , woXld lLNe Wo hLJhlLJhW oXr SroJress LQ saIeW\ aQd Qew SrodXFW deYeloSPeQW 
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2
The Manitowoc Company, Inc.

Safety. :heQ , sWarWed as &(2 LQ       oXr 5,5 was       aFhLeYLQJ aQ 5,5 Eelow      aSSeared Wo Ee a Yer\
dL  FXlW Joal  7hroXJh aJJressLYe SroFesses oI S/$0s SWoS /ooN $ssess 0aQaJe   ,QWeraFWLYe 2EserYaWLoQs 
7oolEo[ 7alNs  SaIeW\ Da\s  aQd a SaIeW\ 0oQWh  we were aEle Wo drLYe dowQ   rsW aLd LQMXrLes  reFordaEle
LQFLdeQWs  aQd losW WLPe LQMXrLes  $s a resXlW oI Whese LQLWLaWLYes  oXr hard worN FXlPLQaWed LQ aQ 5,5 oI      WhLs
\ear  :e FoQWLQXe Wo PaNe Jood SroJress Wo oXr Joal oI ]ero LQMXrLes 
Key Safety Metrics
600
1.8
1.6
500
1.4
1.2
400
1.0
300
0.8
0.6
200
0.4
100
0
0.2
2021
First Aid Cases
2022
2023
Recordable Injury Rate (RIR)*
2024
2025
0
Loss Time Injury Frequency Rate (LTIFR)*
*per 200K hours worked
New Product Development. 2Yer Whe lasW    PoQWhs  we haYe laXQFhed seYeral PaFhLQes WhaW e[WeQd oXr SrodXFW
SorWIolLo LQWo hLJher FaSaFLWLes  /aXQFhed aW Whe eQd oI       Whe 3oWaLQ 0&7         WoQ FaSaFLW\ 7ower
FraQe has EeFoPe a IaPLlLar sLJhW oQ PaMor FoQsWrXFWLoQ SroMeFWs WhroXJhoXW SaXdL $raELa aQd 8$(  SLPLlarl\ 
Whe    WoQ FaSaFLW\ 3oWaLQ 0&5     lX  QJ 7ower FraQe  whLFh was laXQFhed LQ       Ls Qow SroPLQeQW LQ Whe
sN\lLQes oI JloEal FLWLes sXFh as 3erWh aQd DXEaL 
0ore reFeQWl\  we XQYeLled aQ    WoQ 1aWLoQal &raQe %ooP WrXFN aQd a     WoQ   a[le *roYe $ll 7erraLQ FraQe aW
&oQ([So  7he aFhLeYePeQW oI deYeloSLQJ Whe *roYe $ll 7erraLQ FraQe  QaPed *0.      sWaQds as a WesWaPeQW Wo
oXr eQJLQeerLQJ FaSaELlLWLes    LPaJLQe Whe FoPSle[LW\ oI desLJQLQJ sXFh a FraQe WhaW FaQ WraYel oQ SXElLF roads 
wLWh a EooP PeasXrLQJ     IeeW  a FhassLs leQJWh oI    IeeW  aQd a WoWal PaFhLQe weLJhW oI         SoXQds WhaW
FaQ lLIW     WoQs 
,I saIeW\ Ls Whe IoXQdaWLoQ oI 7he 0aQLWowoF :a\  Qew SrodXFW deYeloSPeQW Ls Whe WrXss 
Grove GMK8700 All-Terrain crane
Potain MCR 815 Tower crane
witJ luH  nI LiD
Potain MCT 2205 Tower crane
2025 Annual Report
3

Non-new MacJine Sales and Gross Pro  t ($ in millions)
$690
$700
$600
$545
$500
$400
$629
$613
$449
$376
$300
$189
$200
$100
$0
$126
2020
$213
$208
$223
$141
2021
2022
Net Sales
2023
2024
2025
Gross Profit
CRANES+50 and Aftermarket Expansion
2ur CRA1(S 50 strateJy beJan in 2020  marNinJ a SiYotal moment Ior our business. At that time  our non new
machine sales totaled  3 6 million. I am Sleased to reSort that we set another record in 2025 with non new
machine sales reachinJ  6 0 million  uS 10  year oYer year. 2ur lonJ term tarJet is  1 billion.
The strateJic Iocus on CRA1(S 50 has Juided our inYestments  oSerational imSroYements  and e[Sansion
eIIorts oYer the Sast   Ye years. 3rioriti]inJ the Jrowth oI non new machine sales to suSSort our customers
worldwide  we added serYice locations and technicians  e[Sanded serYice oIIerinJs  and new technoloJy  buildinJ
resilience in our aItermarNet business.
ThrouJhout 2025  we made siJni  cant strides in our aItermarNet business. 1otably  we e[Sanded our territory
coYeraJe in 1orth Carolina  South Carolina  and *eorJia  and oSened or uSJraded serYice branches in 3oland 
Australia  France (0eru and %ouaye)  as well as 1ashYille  %aton RouJe  and 3hoeni[. In addition to our
JeoJraShic e[Sansion  oYer the last   Ye years we haYe more than doubled our SoSulation oI   eld serYice
technicians to oYer 500. Another 2025 milestone was the launch oI SerYice0a[  our Jlobal asset manaJement
system. This innoYatiYe tool enables us to tracN eYery machine Irom cradle to JraYe  siJni  cantly imSroYinJ
technician SroductiYity and customer serYice. SerYice0a[ sets the standard Ior how we monitor each machine
throuJhout its liIecycle and allows us to be SroactiYe with customers reJardinJ maintenance and suSSort.
LooNinJ to 2026  we are addinJ new locations in Chile  0e[ico  France  and 3ortuJal. 2Yer the lonJ term  I haYe
challenJed our team to Jrow our   eld serYice technician worNIorce to 1 500. To suSSort this Joal  we e[Sanded
the technician 4uicN Start SroJram launched two years aJo to accelerate sNill deYeloSment  established
comSrehensiYe aSSrentice SroJrams  joined the 8.S. 0ilitary SNill%ridJe initiatiYe  and deSloyed a mobile traininJ
center Ior   eld based learninJ.
4
The Manitowoc Company, Inc.

Conclusion
I haYe neYer been more oStimistic about 0anitowoc  s Iuture. AlthouJh the 8.S. tariII situation hamSered
our   nancial SerIormance in 2025  our team demonstrated resilience and made stronJ SroJress on our core
initiatiYes and CRA1(S 50 strateJy.
As we enter 2026  it is di  cult to Sredict where the 1orth American crane marNet will Jo  but I belieYe it has
beJun to stabili]e. The aYeraJe   eet aJe remains in the mid teens and JrowinJ  whereas the oStimal aYeraJe
should be closer to ten years. Continued JoYernment actions to reduce reJulations and stimulate inIrastructure
moderni]ation SroYide additional cause Ior oStimism. In addition  we see a similar trend in (uroSe and Asia
3aci  c  where the marNets are steadily recoYerinJ and showinJ SositiYe momentum.
At 0anitowoc  we are committed to buildinJ a resilient and endurinJ business caSable oI weatherinJ the uSs and
downs inherent in the crane cycle. :e remain Iocused on adYancinJ our lonJ term strateJic objectiYes  and we
are con  dent they will continue to driYe Yalue Ior our shareholders.
Aaron H. Ravenscroft
3resident and ChieI ([ecutiYe 2  cer
The 0anitowoc ComSany  Inc.
2025 Annual Report
5

3/20/2026 Letter Continued (Full PDF)

 

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